Yahoo Finance Jaspreet Singh: 8 Skills That Can Help You Build Wealth
Jaspreet Singh, personal finance expert and creator of the Minority Mindset YouTube channel, knows from personal experience that quality skills can build wealth.
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In a recent video on his channel, Singh explained eight key skills he says you need to build wealth. Here’s a quick look at each skill and how even the financially savvy can benefit from them.
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Learning From Your Mistakes
“Learn from your mistakes” is advice that gets thrown around a lot, but Singh knows from experience that it’s more than just a turn of phrase. He says he always knew how to work hard but didn’t know how to invest or run a business for a long time.
Out of college, he invested in real estate by buying a house. While this was a good decision, he made many mistakes, including renting it to a problematic tenant and using a bad property management company. He continued to make mistakes in his following few deals but refused to give up.
Singh explains that he knew real estate was a worthwhile investment because he saw how well successful real estate investors were doing. He understood that if he could build the right system to manage five units, he could scale his business to manage one hundred units.
To do this, he needed to constantly understand and learn from his mistakes.
Risk Management
Regarding risk management, Singh brings up his father, who immigrated from India to the U.S. with only a few hundred dollars in his pocket. His father had given up everything to immigrate, making the risk Singh himself faced in his new home seem trivial.
Most people live somewhat comfortable lives with a place to live and a steady income. Singh says this is fine if you’re happy with your life, but to build wealth, you’ll need to step out of your comfort zone and risk your time or money.
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Resilience
Singh highly discourages self-victimization and wallowing when times get tough.
When he started his YouTube channel, he tried various tactics to gain exposure, including reaching out to news outlets. While his channel focuses on finance, the news outlets were more interested in him talking about how his race made it difficult to attract viewers.
While this coverage presented an opportunity, Singh didn’t like playing a victim and focusing on hardships instead of good content.
To be resilient, you must put any challenges and adversity behind you and continue to move forward. The correct mindset is to go out and do what it takes to be the best at what you do.
Thinking Bigger Than Yourself
In Singh’s early attempts at business, he discovered they were all very dependent on his personal efforts.
Some of his jobs, like planning events or making videos, required him to work constantly. And to take time off meant less business and income. Today, he doesn’t consider these to be viable long-term businesses because they have no room to outgrow his involvement.
Eventually, he developed a business called Briefs Media, which provides daily newsletters to investors. Singh hires writers to research and write the newsletters while he figures out the big-picture strategy, making it a business bigger than himself.
Delegation
Delegating tasks means paying a bit more to free yourself up for other kinds of work.
As Singh explains it, many find delegating problematic because it requires cash outflow. People work very hard to get their money, so the thought of using it to hire someone else doesn’t seem ideal. However, in order to grow and do more, you must delegate.
Singh learned this lesson when he started investing in real estate. He didn’t want to deal with the tenants, so he delegated tasks to a property manager.
While Singh could’ve done the work himself and made more, he knew it would be impossible to do all of the work if he scaled his business later. By scaling up early and building a framework for delegating tasks, he set himself up for future success.
Communication
Sales is key in just about every business. Singh admits that while he’s not the best salesperson, he’s hired people who have the skills he lacks. And because he’s honed his communication skills, he can get his sales team on the same page by explaining exactly what they need to do.
Singh says that communication is a vital skill that helps you find good people, convince them to work with you and delegate tasks — all of which are essential to the growth of your business and your wealth.
Delayed Gratification
The skill of delayed gratification is easy to understand but can be challenging to enact. If you want more money tomorrow, you need to save money today. Wealth building requires sacrifices.
Singh uses the example of someone who makes $50,000 a year. Over two decades, that person has made a million dollars. However, if they haven’t saved any of their income, they won’t have anything to show for all of their hard work.
You must invest money that will continuously compound and produce more income for the future.
Thinking Independently
The ability to think independently is vital for building wealth. Singh defines it as having an opinion and acting on it, even when no one else believes in you.
In his personal experience, Singh faced a lot of pressure from his parents to become a doctor when he was young. He had to begin investing and starting businesses secretly because his parents saw it as a distraction. However, Singh knew what he wanted and needed to think independently to attain it.
The skill of independent thinking extends to how you think about money. In today’s society, everyone wants to buy a fancier car, nicer clothes or the latest gadgets. Singh often notices how many people make less than him but drive nicer cars or live in bigger apartments.
Securing your wealth requires a different approach to finance. While it can be difficult, not letting the opinions of others affect you can help grow your wealth in the long run.
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This article originally appeared on GOBankingRates.com: Jaspreet Singh: 8 Skills That Can Help You Build Wealth
